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Saving & Personal Finance

Why Choose a Credit Union Vs. a Bank?

July 27, 2017 by Space Coast Credit Union


Benefits of Credit Unions

The first and perhaps most important reason to choose a credit union for your saving and loan needs is the simple principle that all credit unions are member-owned. Rather than a group of executives deciding the direction of the financial institution (as would happen at a traditional bank) a board of directors is elected. One important thing to note here is everyone who serves on the board is also a member of the credit union. This means your best interests as a member are always the best interests of the people making the decisions.

Non-Profit Organization

Closely related to the benefit of being member-owned is the fact that credit unions are also non-profit organizations. Rather than striving to continually increase profits, credit unions are continually looking for ways to offer members even more discounts and rewards.
At SCCU, we offer our members free or discounted rewards based on their level of participation in the credit union. Our goal is to provide the greatest value to members who make the greatest investments in the cooperative. As you use your checking account, credit cards, car loans, home mortgage, retirement account and more, you are contributing to the strength of the cooperative, and in return we provide you with more rewards. You can find more information about member rewards here.

Credit Union Rates

Because credit unions invest in their membership, they can offer better rates than traditional banks. Take, for example, our auto loans. We first offer plenty of helpful information about buying a car, and then we offer pre-approvals for new and used vehicles so you’ll know exactly how much buying power you have before you shop. Additionally, you can quickly and easily apply for your car loan online. The same is true for home mortgage loans – you can count on convenient pre-approvals, great credit union rates, and an easy-to-complete application process.
On the savings side, you can save plenty with a free checking account. After all, members own the credit union, so why would they want to charge themselves maintenance fees, transaction fees, and minimum balance fees?

National Credit Union Administration Insured

The National Credit Union Administration (NCUA) insures the deposits of more than 95 million account holders at federal credit unions across the country, like the FDIC does for traditional banks. This provides solid assurance that at SCCU, your money is secure.

Personal Touch

Credit unions tend to be smaller than banks, with exclusive membership requirements. This means that you get excellent customer service and a rewarding personal experience when you save your money through a credit union and finance your vehicles, homes and more. If you live in Florida, we look forward to serving you! If you have questions about the benefits of credit unions or about the savings programs and loan programs we offer, call the number that’s most convenient to you:
  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

Space Coast Credit Union
Members' Watchdog



  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

Space Coast Credit Union (SCCU) © 2015



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Member Rewards

Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

  • Gold members may order one FREE box of SCCU logo checks per year.
  • Platinum members may order unlimited FREE boxes of SCCU Exclusive Style checks (one box at a time).
Learn more about the Member Rewards program.